New Delhi, June 4 -- A credit score is a three-digit number from 300 to 900 that represents a borrower's creditworthiness. It is calculated using algorithms that evaluate various aspects of an individual's credit behaviour, including but not limited to repayment history, credit utilisation ratio (the percentage of your total available revolving credit that you are currently using), number of credit accounts, age of credit lines, and frequency of credit inquiries.

A good credit score not only facilitates access to credit but also serves as a comprehensive indicator of an individual's financial behaviour and reliability, effectively functioning as a financial resume.

Why your credit score matters

A good credit score significantly influen...